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I have a “moment of truth” every morning when I grab my iPad, bleary-eyed, from the side of the bed, to see what the ES is doing. This particular morning, I was bracing myself for +30 on the ES considering the Clinton momentum, but, happily, it’s only up 3 measly points at the moment. More important to me, crude oil is getting its shiny black bottom spanked, down about 2.7%. Some ridiculous rumor should be along any moment now.
Well, that was embarrassing. Within about 4 minutes of the debate starting, I figured it was all over for Trump. By about the minute #20, I shut off the television. I just couldn’t take it anymore. If you want a quick rundown, here are top ten memorable moments. As for me, I think the last meaningful chance for a real sell-off in the market disappeared with this debate, and as the ES plainly shows, the market considers President Pantsuit the hands-down winner. Three cheers for the status quote and another term for Obama. She’s going to win.
Yikes. I think he’s toast at this point. I couldn’t watch it past the first twenty minutes. I was live-tweeting from my iPhone on my sofa, and this pretty much tells the tale:
The ES zoomed 8 points higher based on his performance so far (from a -5 deficit to over +3 now). It’s a shame. I guess Obama gets a third term after all. This debate – – at least the first 20 minutes that I could tolerate – – was just embarrassing.
Nothing more to say until after the debate, which I’ll be watching with rapt attention. See you there.
SPX closed Friday at a decent looking support level but when I was looking at the SPX, RUT & NDX charts over the weekend it was pretty obvious that the bulls were going to have their work cut out for them today. Below are the SPX and RUT charts I posted for Trader Chart Service subscribers at theartofchart.net yesterday. I haven’t changed the text but price has been updated and I’ve removed the gap that was filled on SPX at the open this morning.
You can see that SPX has broken below the rising megaphone support that I was looking at as a target on Friday morning. SPX 15min chart:
